Two major engineering groups have announced they are joining forces in a bid to land a multibillion-pound contract to built new trains for HS2.

Bombardier Transportation and Hitachi Rail, which collectively employ 5,000 people in the UK, have launched a new joint venture to submit a bid to design, build and deliver a fleet of trains for the high-speed line.

The £2.75 billion contract on offer is for a minimum fleet of 54 units that will run on phase one of HS2 between London Euston, Solihull and Birmingham.

The newly designed rolling stock will also be able to travel on the current rail network.

The formal tendering process is due to start later this year, with contract award in late 2019.

The two companies said the joint bid would support the Government's aims of boosting UK jobs, skills and the British supply chain as well as support its own plants including Bombardier's factory in Derby.

They added that they were already developing a new generation of engineers and mechanical skills and the joint venture would provide a launch pad for new investment into education.

Hitachi and Bombardier have previously delivered one of Europe's fastest trains in Italy - the ETR 1000 for Trenitalia.

In the UK, Hitachi maintains the country's only domestic high speed fleet, the Class 395 Javelins, which it built and introduced ahead of the London 2012 Games.

Karen Boswell, managing director of Hitachi Rail, said: "HS2 will form the backbone of Britain's future rail network and is a major investment in our future prosperity.

CGI of how Eastside in Birmingham could look with the arrival of HS2

"By joining together in partnership with Bombardier, we will draw on a huge wealth of UK experience and the best in modern technology, including our pioneering bullet train experience.

"Our aim is to deliver a new British icon that will be recognised around the world - a Spitfire for the British railway."

Richard Hunter, managing director UK of Bombardier Transportation, added: "HS2 is a once-in-a-lifetime opportunity to transform the nation's transport network and we are very excited by the chance to play a key part in delivering it.

"By joining together in partnership with Hitachi, we will combine both company's global high speed expertise with unrivalled British experience and help generate skills and prosperity across a number of UK regions."